– Achievement is three times in a row

Zenith Bank Ghana has been named Best Banking Group in Ghana 2017, by the World Finance Magazine, one of the topmost and most recognized awarding bodies in the world.

The magazine, since its inception almost a decade ago, has celebrated achievement, innovation and brilliance through its annual awards. Its astute judging panel boasts over 230 years of financial and business journalism, supported by a research team that works round the clock to ensure award winners are the most deserving in their sector. The awards provide a comprehensive analysis of the very best in each market, also taking into account reader insight and experience to provide a holistic outlook for the judging panel.

Reacting to the awards in an interview with the Daily Graphic, the Managing Director/Chief Executive Officer of the bank, Mr. Henry Oroh said Zenith Bank, has in the 12 years of its operations in Ghana, demonstrated leadership through its unique range of banking solutions, excellent customer service, and track-record of innovation in the Ghanaian banking industry.

“It therefore comes as no surprise that the bank has won the prestigious award of Best Banking Group in Ghana, for the third consecutive time”, he said.

Mr. Oroh said the bank’s reputation for excellence, having been recognised by the World Finance Magazine is gratifying adding that: “This award lends credence to the fact that we are on the right path and doing the right things”.

He dedicated the award to the loyal customers of the bank and re-assured them of the commitment of the bank to continue to be responsive, innovative as well as improve its product and service offering to meet their ever changing needs.

“We also commit to steering the bank to its desired position of being the market leader in the financial industry in the next five years,” the Zenith Bank MD said.

Other awards

Mr. Oroh said additionally, this year, the bank has been the recipient of multiple awards in recognition of its performance in the highly competitive industry.

For instance, the bank was adjudged Best Trade Finance Bank Ghana 2017 by the Global Finance Magazine, Best Corporate Bank Ghana 2017, Best Customer Service Bank Ghana 2017, Best e-Commerce Bank Ghana 2017 by Global Banking and Finance Review Magazine, awards the Bank has retained for three years running. It was also adjudged Fastest Growing Bank Ghana 2016 and Best Corporate Bank Ghana 2016 by the International Finance Magazine.

The Bank was further awarded the Most Outstanding in Banking and Finance Ghana 2017 by the Middle East and Africa Markets Magazine (MEA) as well as Bank that Best Promotes Cashless Transactions 2016 at the 16th Ghana Banking Awards, yet another title the Bank has retained three straight times.

Financial performance

In the area of the bank’s financial performance, Mr. Oroh said the bank for the half year ended June 30, 2017 posted an outstanding financial picture of continuous and healthy growth.

Earning assets grew by a whopping 54 per cent from GH¢1.9 billion in June 2016 to GH¢2.9 billion in June 2017 while total assets also grew by an impressive 44 per cent from GH¢2.7 billion in June 2016 to GH¢3.8 billion in June 2017. On customer deposit, customer deposits increased from GH¢2 billion to GH¢2.9 billion registering a growth rate of 39 per cent year on year.

“The bank’s resilience to its financial environment was again demonstrated by increasing its capital adequacy ratio by 10 per cent to 23.16 per cent. This gives the Bank a buffer of 13.16 per cent which is more than 100 per cent above the minimum ratio required by the Central Bank. In the wake of the Bank of Ghana’s recent announcements on the new capital requirements, Zenith Bank, with shareholders’ funds of over 639 million, is one of the very few Banks whose retained earnings are far in excess of the new minimum capital requirement”, he added.

Future

Regarding the way forward for the bank, Mr. Oroh stated that, “Zenith Bank continues to chart the path to be the market leader in the next five years. Its key focus areas will be exceptional customer service delivery, best in class financial performance and stronger brand positioning”.